Question 4 [last update 28 May 2021]: Are registered AIFMs referred to in Article 3(2) of the
AIFMD subject to ESMA’s Guidelines on performance fees while marketing to retail investors
units or shares of AIFs they manage?

Where a UCITS has a hedged share class in a different currency, should unrealised FX profits and losses be counted towards the NAV of the hedged share class and accordingly be taken into account when calculating the counterparty risk limit of Article 52(1) of the UCITS Directive?

Article 54 of Directive 2009/65/EC permits competent authorities to authorise UCITS to invest up to 100% of their assets in transferable securities issued by certain issuers e.g. sovereigns. Do the six different issues mentioned in Article 54(1), third sub-paragraph of the UCITS Directive refer to any kinds of issues of transferable securities and money market instruments or must they be guaranteed by a Member State, one or more of its local authorities, a third country or a public international body to which one or more Member States belong? If the UCITS holds more than six different issues, must all of these issues comply with the 30 % limit?

Can netting and hedging arrangements be taken into account for the purposes of calculating issuer concentration limits pursuant to Article 52 of the UCITS Directive?

Does the 40% limit set out in Article 52(2) of the UCITS Directive apply to index-tracking UCITS that are subject to Article 53 of the UCITS Directive?